Research

*Research published here is selective and posted 7 days or more after distribution to clients

TSR Model Portfolio Performance Update – July 30, 2010

July 30th, 2010

Backed by timely calls, our TSR Model Portfolio continues to outperform every major world index.

Click here to see: TSR Performance Chart – July 2010

Smart Titles and CoreLogic: Twin Paths to Value Creation

June 1st, 2010

Now two and half years in the making, in our fully researched view, First American Corp. splitting to create two independent, focused companies for financial services and information solutions is the most effective way to focus and grow these leading businesses. CoreLogic (CLGX-WI), freed from the fluctuations of the insurance business, can expand its offerings through organic and inorganic routes. First American Financial (keeping the parent’s ticker FAF) will focus on streamlining the insurance business and grow primarily through inorganic means. As both companies will be a part of the same S&P MidCap 400 Index, as the parent was, we do not expect sizeable index selling.

Click here to view page 1 of the (40) page research note

TSR Newsletter/ 1Q2010 /Quarterly Review

April 14th, 2010

The TSR model portfolio fund is a paper portfolio that is technically constructed to mirror a ‘real and live’ portfolio with investor funds. The Fund’s holdings are weighted and contain the corresponding amounts of shares.

TSR Portfolio – 1Q2010 with Commentary

Cablevision / MSG – Spinoff addresses Cash Flow Concerns for CVC, but MSG’s Lackluster Opening Ignores Key Trophy Assets

February 1st, 2010

Cablevision Systems’ board of directors set Feb 9, as the date for the planned spinoff of its Madison Square Garden assets.CVC first announced its plan to spinoff the unit in July 09, including its Madison Square Garden arena, its professional sports teams (e.g. NY Knicks & NY Rangers), its Theaters (e.g. Radio City Music Hall and the Chicago Theater), its MSG regional sports networks and cable music channel Fuse.  Shareholders will receive 1 share of MSG Class-A common stock for every 4 shares of CVC Class-A common stock they hold. The Spinoff entity will begin trading regularly on Feb 10, under the symbol “MSG.

Click here to view page 1 of the (51) page research note

 

EnCana / Cenovus – Pure Play Natural Gas Strategy to Pay Off Well

December 1st, 2009

Since its formation in 2002, EnCana has struggled to differentiate its two core assets. That struggle has especially hurt its oilsands interests, and has resulted in a share price that underperformed rivals. We believe the spinoff event will act as a positive catalyst enhancing shareholders value. We have an Absolute Buy rating on the parent (EnCana) and Buy rating on the Spinoff entity (Cenovus). Also an earlier Spinoff transaction of a Canadian company “Bankers Petroleum” operating in Oil & Gas sector which was done with a similar Spinoff rationale has performed exceedingly well. The Bankers Petroleum stock on which we had an Absolute Buy rating has generated 507% return since YTD. When we draw a parallel between the two spinoff stories, we are confident that this spinoff will also add value to shareholders.

Click here to view page 1 of the (58) page research note

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